Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Weekly Price Action Setups & Key Levels | Dec 18-23
My current active open positions: EURUSD, AUDCAD, AUDNZD, AUDUSD
Note to traders: liquidity has a good chance to really thin out this week leading into the holidays. It will show it’s cards likely by weds/thurs.
Just understand with low liquidity, stops can get kicked on sharp spikes so be mindful with proper risk and understanding of what may happen.
EURUSD – Corrective Pullback Sitting At MT RRL (1hr chart)
After forming a multi-year low which we’ve been hinting at for several weeks now, the EURUSD has produced a corrective pullback into the MT RRL around 1.0460. If this level holds, we should see another attack on the yearly lows sub 1.04 with potential scope for a trip to parity.
NOTE: Some of the institutional fx desks are calling for a move to parity or even lower in 2017.
For now I’m remaining bearish and continually looking to sell while below 1.0525 on a daily closing basis.
Keep up with the members commentary for updates on potential trade setups.
USDJPY – First Weekly Close Above 115 Since Last year (weekly chart)
Taking a step back looking at the price action on the weekly charts, the USDJPY has exploded higher gaining 7 weeks in a row and pumping out over 1500 pips since.
The key IMO was having a weekly close above 115.95 which was the major support structure over for 2014/2015.
To me this changes the MT structure to bullish and should give the pair scope to play around with a potential trip up towards 122 and 125.
Only a weekly close below 115 negates my ST and MT bullish bias.
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